D. MacLennan and M. Stephens (guest editors)
Housing Studies, vol. 26, 2011, p. 971-1127
This themed section draws together seven papers on:
P. Williams and A. Beer (guest editors)
Housing Studies, vol. 26, 2011, p. 1129-1249
The global financial crisis struck in 2008 and its impacts have continued to reverberate through the world economy ever since. It has raised many questions about the operation and regulation of housing and financial markets globally as well as in individual countries, many of which remain unanswered. This themed section has been built around outputs from a seminar organised to discuss how the crisis might have impacted on housing markets and housing policy in three countries, Australia, New Zealand and the UK. The papers in the collection show that the seeds of the collapse had been planted over many years. Many of those basic problems remain unsolved. Issues such as the imbalance of supply and demand, an overdeveloped emphasis on homeownership, and failure to support alternative tenures, together with the reliance on cheap debt, all stretched financial sustainability and resulted in economically vulnerable home buyers. Measures such as rapid reductions in central bank interest rates were widely deployed and they have been slow to return to 'normality' so that at least in some countries strong exposures remain. It is also clear that there was no universal financial crisis and its impact varied significantly between countries.